Lombard International Assurance introduces the Wealth Passport – German Hybrid Policy®
February 22, 2016
Lombard International Assurance, a global leader in wealth structuring solutions for high net worth clients, today announces the launch of the Wealth Passport – German Hybrid Policy®; a new wealth planning solution designed to meet the needs of US taxpayers, dual citizens, Green Card holders and prospective US residents currently residing in Germany.
The ever-increasing globalization is a great opportunity but also a challenge for economies as well as many companies. In addition, millions of people who live and work in multiple countries need to comply with regulation in different jurisdictions. For example, A German national might be relocating to the US or an American family might take up temporary residence in Germany.
For some individuals, especially US taxpayers, meeting wealth management needs in Europe has become challenging. US citizens, regardless of their residence, face complex reporting responsibilities. Also, they only have access to a limited investment universe. In addition to US citizens, Germans with dual citizenship or Green Card owners are affected.
Today in Berlin, a new wealth structuring solution is presented to address some of the issues. Present at the event are James A. Boughner, Minister-Counselor for Economic Affairs from the US Embassy and representatives of Lombard International Assurance, one of the leading providers of unit-linked life assurance. The new cross-border wealth solution is based primarily on solutions that take into account the needs of clients who need to comply with the regulatory requirements of different jurisdictions.
Axel Hörger, CEO Europe, Lombard International said: “We are excited to launch this solution which, against a backdrop of growing regulatory complexity, is tailored to meet the specific financial planning needs of US expats and prospective US residents currently in Germany.” Alexander. P. Letzsch, Country Manager Germany, adds, "For many families that need to comply with multiple jurisdictions the new and safe Wealth Passport - German Hybrid Solution® can be helpful in cross-border wealth structuring.”
Lombard International Assurance has approximately USD 72 billion of assets under administration and is owned by Blackstone, one of the world’s leading investment firms. Germany is one of the core markets of Lombard International Assurance.
James A. Boughner, emphasises the importance of cooperation: "International mobility brings more complexity in managing our lives – both personally and professionally, especially when you take into consideration all of the legal and regulatory issues that must be addressed. Ideally, we all want to do what we can to ease the flow of trade and investment wherever possible."
The new Wealth Passport – German Hybrid Solution® combines a German life insurance contract with a US deferred annuity contract. The solution is available both for US citizens who temporarily live in Germany and for German citizens who intend to temporarily work in the US. Owning assets in Germany will not be an obstacle in pursuing a career in the US. Letzsch comments: "For many family owned companies, the solution can be very helpful and leads to even stronger economic ties between our two countries." The benefits include simplified reporting, investment flexibility and tax-deferral during the insurance term.
About Lombard International Assurance
Lombard International Assurance is a leading life insurance-based wealth solutions provider, combining the strength and expertise of two specialist life insurance companies with over 20 years’ experience and market leadership in their respective fields. Lombard International Assurance provides wealth structuring solutions using unit-linked life insurance to high net worth individuals, their families and institutions around the globe.
The global group, branded as Lombard International, launched to market in September 2015. With head offices located in Luxembourg and Philadelphia, a combined global presence enables Lombard International to serve clients’ complex needs on a global basis while being sensitive to local cultures and attitudes.
Global assets under administration are in excess of USD 75 billion with a global staff number of over 500, including more than 60 technical experts specializing in 20+ jurisdictions.
Funds managed by Blackstone own Lombard International. Blackstone is one of the world’s leading investment firms with over $330 billion in assets under management.
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